BTIG Research Lowers Ovid Therapeutics (NASDAQ:OVID) Price Target to $5.00

Ovid Therapeutics (NASDAQ:OVID) had its target price decreased by stock analysts at BTIG Research from $11.00 to $5.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Several other analysts have also commented on the stock. Citigroup lowered their price target on shares of Ovid Therapeutics from $3.50 to $1.20 and set a “neutral” rating on the stock in a research report on Tuesday. Oppenheimer lowered shares of Ovid Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Wedbush initiated coverage on shares of Ovid Therapeutics in a research note on Friday, April 5th. They set an “outperform” rating and a $8.00 price target on the stock. HC Wainwright cut their target price on shares of Ovid Therapeutics from $9.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, B. Riley cut their target price on shares of Ovid Therapeutics from $9.00 to $3.00 and set a “buy” rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ovid Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $4.70.

Ovid Therapeutics Stock Performance

Shares of NASDAQ:OVID traded up $0.01 on Tuesday, reaching $0.80. The company’s stock had a trading volume of 3,037,236 shares, compared to its average volume of 385,030. The stock has a market capitalization of $56.94 million, a P/E ratio of -1.11 and a beta of 0.59. Ovid Therapeutics has a 52-week low of $0.75 and a 52-week high of $4.14. The stock’s 50-day moving average is $3.07 and its two-hundred day moving average is $3.24. The company has a debt-to-equity ratio of 0.18, a current ratio of 10.47 and a quick ratio of 10.47.

Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.06. Ovid Therapeutics had a negative net margin of 10,691.14% and a negative return on equity of 53.62%. The firm had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $0.11 million. As a group, sell-side analysts forecast that Ovid Therapeutics will post -0.85 EPS for the current year.

Institutional Investors Weigh In On Ovid Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FFT Wealth Management LLC purchased a new stake in Ovid Therapeutics during the 4th quarter worth $1,274,000. Empowered Funds LLC grew its holdings in Ovid Therapeutics by 8.1% during the 1st quarter. Empowered Funds LLC now owns 128,070 shares of the company’s stock worth $391,000 after acquiring an additional 9,625 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Ovid Therapeutics by 45.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 114,265 shares of the company’s stock worth $349,000 after acquiring an additional 35,786 shares in the last quarter. Vestal Point Capital LP acquired a new position in Ovid Therapeutics during the 4th quarter worth $275,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Ovid Therapeutics by 17.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 81,173 shares of the company’s stock worth $312,000 after acquiring an additional 11,926 shares in the last quarter. Hedge funds and other institutional investors own 72.24% of the company’s stock.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.